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BTC/USD prediction points to $500k August 2021 – Pantera Capital CEO

  • Dan Morehead, the CEO of Pantera Capital predicts Bitcoin surge to $500k on the account of halving history.
  • Bitcoin bulls comeback to pull Bitcoin and $9,000 as they look forward to battling the resistance at $9,200.

Bitcoin bulls are taking advantage of the rising interest of the block reward halving next week to stage a recovery above $9,000. The dive from highs at $9,466 on Thursday last week found support at $8,400. Recovery from the support hit a snag at $9,200 on Sunday. The retracement Monday found support at $8,800, giving way for the ongoing breakout above $9,000. As mentioned in the precise prediction, BTC has a clear path to $9,500. If halving interest continues to mount, Bitcoin could soon soar towards $10,000.

Pantera Capital CEO predicts Bitcoin rally to $500k in August 2021

The CEO of Pantera Capital, a cryptocurrency hedge fund, Dan Morehead believes that if the history of the past halving events is to repeat itself, then there is nothing that could stop Bitcoin surge to $500,000 in August 2021. Morehead, he predicted the rally after looking at the performance of Bitcoin in the 12 months prior to the May halving while comparing gold, oil and venture capital. In a letter addressed to investors, he wrote:

If the new supply of bitcoin is cut in half, all else being equal, the price should rise.

Bitcoin has historically bottomed 459 days prior to the halving, climbed leading into it, and then exploded to the upside afterwards. The post-halving rallies have averaged 446 days – from the halving to the peak of that bull cycle. In this cycle, the market did in fact trough 514 days before the halving.

For his bold Bitcoin price prediction, Morehead continued:

If history were to repeat itself, bitcoin would peak in August 2021 – at $533,431. Obviously that’s a big IF. That price sounds ludicrous.... Just sayin’ that there’s more than a 50-50 chance bitcoin goes up – and goes up big.

Bitcoin price technical picture

Bitcoin price is trading at $9,022 after correcting from an intraday high at $9,122. The technical picture that was starting to get drab has now begun to turn positive. For instance, the RSI is back in the overbought region while the MACD is moving higher above the mean line. Besides, the bullish picture divergence above the MACD doubles-down on the increasing buying activities. On the downside, support is expected at $9,000, $8,800, $8,400, the 200-day SMA at $8,000 and 50-day SMA at $7,000.

BTC/USD daily chart
BTC/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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